Nergui G. is 56 years old and lives with his wife in Ulaanbaatar, the capital city of Mongolia. He and his family live together in a ger, the Mongolian nomadic tent. Currently, Nergui operates a taxi service in his town. He has been operating his business since 2002 and has gained much experience over the years. He transports people according to regulations in Narantuul, the biggest market to Hailaast, northern of Ulaanbaatar by a micro-bus. Nergui is a very hard working person and is known as a reliable lender of Xacbank. He has borrowed 3 loans and paid each back in full and on time. He says, “My wife and I would like to meet our family's needs without help of our children and to improve the quality of my family's life.” He is requesting a 4,000,000 MNT loan to purchase a microbus for his business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.